URSB Bancorp director appointee withdraws under LPL policy
URSB Bancorp, Inc. reports that on July 16, 2026, Michael L. Hammer removed himself from appointment as a Director of the company and its bank subsidiary, United Roosevelt Savings Bank.
Rhea-AI Filing Summary
URSB Bancorp, Inc. reports that on July 16, 2026, Michael L. Hammer removed himself from appointment as a Director of the company and its bank subsidiary, United Roosevelt Savings Bank. He notified the company that he is ineligible to serve as a Director under the policies of LPL Financial, Fort Mill, South Carolina, because of URSB Bancorp’s status as a public company.
Mr. Hammer is an Independent Registered Representative of LPL Financial. His appointment to the boards, with a term that was to begin on July 29, 2026, had been previously reported as of June 26, 2026.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Notification date: July 16, 2026
Planned director term start: July 29, 2026
Prior reporting date: June 26, 2026
3 metrics
Notification date
July 16, 2026
Date Michael L. Hammer removed himself from appointment as a Director
Planned director term start
July 29, 2026
Date Hammer’s director term at URSB Bancorp and the Bank was to begin
Prior reporting date
June 26, 2026
Date on which Hammer’s director appointment was previously reported
Key Terms
Emerging growth company, Independent Registered Representative, public company
3 terms
Emerging growth company regulatory
"Securities registered pursuant to Section 12(b) of the Act Emerging growth company x"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Independent Registered Representative financial
"Mr. Hammer is an Independent Registered Representative of LPL Financial."
public company regulatory
"ineligible to serve ... because of the Company’s status as a public company."
A public company is a business that sells ownership shares to the general public on a stock exchange, so anyone can buy or sell pieces of the company like slices of a pie. It matters to investors because its financial results, management decisions, and market prices are public and easily traded, making it possible to gain or lose money based on the company’s performance and market sentiment.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What board change did URSB (URSB) disclose on July 16, 2026?
URSB Bancorp disclosed that Michael L. Hammer removed himself from appointment as a Director of the company and its bank on July 16, 2026. The change occurred before his board term was scheduled to begin on July 29, 2026.
Why did Michael L. Hammer withdraw from the URSB (URSB) director appointment?
Michael L. Hammer withdrew after notifying URSB Bancorp that he is ineligible to serve as a Director under LPL Financial’s policies, specifically because URSB Bancorp is a public company. Those internal policies affected his ability to hold the board role.
What was the planned start date of Michael L. Hammer’s URSB (URSB) board term?
His director term at URSB Bancorp and United Roosevelt Savings Bank was to begin on July 29, 2026. He removed himself from the appointment earlier, on July 16, 2026, before that term start date took effect.
What is Michael L. Hammer’s relationship with LPL Financial in the URSB (URSB) filing?
The filing states that Michael L. Hammer is an Independent Registered Representative of LPL Financial. His ineligibility to serve as a Director of URSB Bancorp arises from LPL Financial’s policies regarding representatives and public company board service.
When was Michael L. Hammer’s URSB (URSB) director appointment first reported?
URSB Bancorp states that Michael L. Hammer’s appointment as a Director, with a term beginning July 29, 2026, was previously reported on June 26, 2026. The July 16, 2026 disclosure updates that earlier report by noting his withdrawal.
AI-generated analysis. How Rhea-AI works. Not financial advice.
